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ENTREPRENURTURET h e S T A N F O R D O F F I C E o f T E C H N O L O G Y L I C E N S I N G

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Neuroscientist and psychiatrist Karl Deisseroth, associate professor of bioengineering and of psychiatry and behavioral sciences, has pioneered the use of optogenetics as a way of better understanding brain circuitry. Through optogenetics, scientists can use genetic engineering to switch neurons on and off with pulses of light.

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Much of the world is focused on trying to encourage entrepreneurial thinking and initiative. In Silicon Valley,

entrepreneurship needs little encouragement because it seems to be in the air we breathe and the water we drink.

Sometimes it seems that everyone wants to start a company.

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In his 1932 book Radio Engineering, electrical engineer Fred Terman, who later became provost, presented the universal resonance curve, which simplified the approximate analysis of radio circuits with a range of center frequencies and Q values.

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AN ENTREPRENEURIAL ECOSYSTEM

Stanford is frequently the place where the kernel of an idea for a new company takes root and begins to grow.

Provost Fred Terman encouraged students William Hewlett and David

Packard to start a company based on their interests around audio

oscillators, which were later sold to Disney for the movie Fantasia.

Russell and Sigurd Varian helped found Varian Associates which

developed the klystron tube, a high-frequency amplifier for generating

microwaves that became an essential component of the modern medical

linear accelerator.

Silicon Graphics was started by then Associate Professor Jim Clark.

Alumnus Andreas Bechtolsheim founded Sun Microsystems along

with a couple of Stanford business students. Cisco Systems and MIPS

Technologies were started

soon after. From Stanford’s President Hennessy, who took a leave of

absence during his career at Stanford to start MIPS, to Environmental

Health and Safety staff members who started a company around a

chemical inventory system called ChemTracker, Stanford people continue

to be risk-takers who want to have a major influence on how their

technology is developed and commercialized.

Now visitors from all over the country and the world come to Stanford to

find the secret of Stanford’s entrepreneurial culture. The secret, of course,

is that there is no secret. It’s a mindset. It’s an approach. It’s the Stanford

culture. As many people have observed about Stanford, “it’s ok to

experiment” — and to fail. It’s also ok to be successful, wildly successful.

We believe in the steeples of excellence, both in academics and — for

those who want to explore whether an invention may have a commercial

purpose — in business.

AS MANY PEOPLE HAvE ObSERvED AbOUT STANFORD, “ IT ’S Ok TO ExPERIMENT”–

AND TO FAIL . I T ’S ALSO Ok TO bE SUCCESSFUL , wILDLY SUCCESSFUL .

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Personalis, founded in 2011 by

Professors Russ Altman, Euan

Ashley, Atul Butte, and Michael

Snyder to develop products for

accurate and consistent genome

interpretation applied to clinical

medicine.

ImmuMetrix, started by

Bioengineering Professor Steve

Quake, based on technology to

assess immune response where

one application will be to assess

transplant rejection.

Anacor, founded in 2002 based on

technologies created by Professor

Lucy Shapiro and Professor

Stephen Benkovic at Pennsylvania

State University. The technologies

were methyltransferase genes

and inhibitors that could be used

as antimicrobial agents. Penn

State took the lead in licensing to

Anacor. Although our co-owned

technologies did not pan out for

Anacor, the company has multiple

other compounds in clinical trials

at this time. Anacor went public in

November of 2010.

FACULTY ENTREPRENEURS

Over the past decade,

faculty entrepreneurs have

continued a tradition of

success. A few examples

include:

Circuit Therapeutics, co-founded

by Professor Karl Deisseroth, is

based on the field that Professor

Deisseroth established called

optogenetics. Optogenetics

permits the modulation of neural

function using light. It has led to

new methods for drug discovery

and for building devices that

modulate neural function relating

to depression, controlling hunger,

pain, and many other human

maladies where increasing or

downregulating neural function

can provide a therapeutic result.

ASSIA Inc., founded by Professor

John Cioffi in 2003, is the leading

provider of high-performance

software tools for Dynamic

Spectrum Management of DSL

networks. ASSIA’s products

enable DSL service providers to

realize dramatic speed and reach

improvements while lowering

operating and capital expenses.

ASSIA has more than 45 million

lines under contract worldwide

with top-tier service providers.

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13 13 16 9 12NumbER oF compaNIES IN whIch oTl TooK EQuITy

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MokaFive, founded by Professor

Monica Lam, is developing a new

computing system architecture

that is secure, reliable, easy

to administer, and provides

ubiquitous access to users’

computing environments.

SwitchGear, started in 2006 by

Nathan Trinklein and Shelley

Force Aldred with Professor Rick

Myers to develop products to

study regulatory element function

across the genome. Nathan and

Shelley were graduate students

in Professor Myers’ laboratory

and worked on the ENCODE

(Encyclopedia of DNA Elements)

Project Consortium to “identify

functional elements in the human

genome and develop this genomic

contact into novel high-throughput

cell-based functional assays.”

Before their first anniversary in

business, SwitchGear was making

sales. SwitchGear provides reporter

assay products and services.

Although local, the company

has European and Japanese

distributors.

Amprius, founded by Professor Yi

Cui in May 2008 with the mission

to develop and commercialize

advanced materials and

nanotechnology for improved

energy storage.

Lyncean Technologies, Inc., founded

in 2001 by Professor Ron Ruth of

SLAC. The Compact Light Source

represents a new generation of

miniature synchrotron light sources

for use in laboratories all over the

world.

C3Nano, an early stage venture

backed start-up developing a

revolutionary new transparent

electrode material for applications

such as flexible displays, touch

screens, solar cells and smart

windows. C3Nano was founded in

January 2010 based on research

developed by Professor Zhenan

Bao. C3Nano won the 2010 MIT

Clean Energy Prize and the 2010

NASA Game Changer Technology

Award.

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One important question on everyone’s mind is: Can entrepreneurship be taught? Can we teach the next generation to identify problems and come up with solutions in an entrepreneurial way so that these new innovations will impact the world?

A TEACHAbLE SkILL?

Many Stanford professors and

students believe the answer is a

resounding “yes!” The number of

classes on entrepreneurship has

risen dramatically over the last 15

years. These classes reside in the

Law School, the Business School,

the School of Engineering and

the School of Medicine. Although

Stanford is very decentralized, the

Stanford Entrepreneurship Network

(SEN) seeks to bring Stanford’s

various entrepreneurship programs

together under one informal

umbrella organization. SEN started

out as a grass-roots information-

sharing initiative but has evolved

into a focal point for Stanford’s

entrepreneurial activity.

One of the most established

entrepreneurship programs on

campus is the Stanford Technology

Ventures Program (STVP), hosted

by the department of Management

Science and Engineering in the

School of Engineering and led by

Professor Tom Byers, Professor

Kathy Eisenhardt, and Dr. Tina

Seelig. STVP is dedicated to

accelerating high technology

entrepreneurship education and

creating scholarly research on

technology-based firms that, in

turn, provides new insights for

students, scholars, and business

leaders. STVP offers over 30

courses to students across campus

each year, supports a dozen

Ph.D. students, and has extensive

outreach efforts around the world,

including their Entrepreneurship

Corner website (ECorner.stanford.

edu) with thousands of free videos

and podcasts of entrepreneurial

thought leaders.

Within Stanford’s entrepreneurial

ecosystem, undergraduate

and graduate courses in

entrepreneurship or “solution-

based-learning” are ever more

popular. One of the first of its

kind was the Biodesign Program,

championed by Dr. Paul Yock,

whose mission is to train students,

fellows, and faculty in the

Biodesign Process: a systematic

approach to the invention and

implementation of new biomedical

technologies designed to meet

identified needs. The Biodesign

Program has trained many leaders

in medical technology and many

related companies have been

launched.

Stanford students have focused

much of their entrepreneurship

energy on solving developing

world problems. The Graduate

School of Business and School of

Engineering offer a joint course

entitled Entrepreneurial Design

for Extreme Affordability. (http://

extreme.stanford.edu/) The class

is an intensive, two quarter,

hands-on project course in which

graduate students apply design,

engineering, and business skills

to create comprehensive solutions

for challenges faced by the world’s

poor.

Professors Terry Winograd and

Joshua Cohen have developed a

new course at the Hasso Plattner

Institute of Design (the d.school):

Designing Liberation Technologies

(http://hci.stanford.edu/courses/

cs379l/2011/). Last year, their

focus area was finding ICT

solutions for the development and

healthcare needs of people living

in Kibera and Mathare, informal

settlements around Nairobi. Many

projects are supported by The

Consortium for Innovation, Design,

Evaluation and Action (C-IDEA, an

$8 million dollar grant from the

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NIH to accelerate contributions

to global health in the developing

world).

Designed for scientists and

engineers but open to all Stanford

students, Professor Steve

Blank’s Lean Launchpad class

(http://stanford.edu/group/e245/

cgi-bin/2012/) provides real

world, hands-on learning on what

it’s like to actually start a high

tech company. Students learn

how to use a business

model to brainstorm each part

of a company and customer

development research to see

whether anyone will use the

product. Students learn first-hand

how agile development can help a

company rapidly iterate a product

to build something customers

will use and buy. This class was

adopted by the National Science

Foundation as the curriculum for

its Innovation Corps.

So it’s not surprising that

students have created many

start-up companies, and some

have licensed technologies from

Stanford:

Google and Yahoo may be our

most famous student start-ups.

We have watched both companies

grow from 2 students each to

over 31,000 at Google and

approximately 13,500 at Yahoo.

iRhythm, started by Biodesign

Fellow Uday Kumar, has been

selling the Zio, a patch that

simplifies cardiac rhythm

monitoring for patients suspected

of having an irregular heartbeat, or

arrhythmia.

Lytro (started by Stanford Ph.D.

Ren Ng) has introduced the

world’s first light field cameras for

consumers, which let you take

and share pictures that can be

interactively refocused after the

shot. Cameras and pictures can be

seen at http://www.lytro.com/.

Guidelines on how inventions

are handled in entrepreneurial

classes can be found at http://

otl.stanford.edu/documents/

studentbestpractices.pdf.

Faculty, too, have opportunities

to learn about entrepreneurship.

Professor Daria Mochley-Rosen

and Dr. Kevin Grimes started

the SPARK program to educate

faculty and graduate students

on what it takes to develop a

therapeutic or diagnostic product

in the biotechnology sector. With

regular weekly meetings, this

program has helped translate

many medical school research

projects into potential start-up

companies. Start-up companies

out of the SPARK program include

Eiger, ImmuMetrix, Balance

Therapeutics, Akrotome, and

ALDEA.

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This sketch by John chowning, director of the center for computer Research in music and acoustics, illustrates his patent of the digital sound reproduction scheme in the early 1970s. his work led to the development of today’s electronic keyboards. chowning is the osgood hooker professor of Fine arts and professor of music Emeritus.

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One of the experimental programs OTL initiated this year was the Stanford Innovation Farm (iFarm) Team program. The iFarm Team program, which draws upon Stanford’s culture of innovation and its community of innovators, including students, faculty,

alumni, and subject-specific experts, was started to advance the commercialization of selected Stanford inventions; it does so by giving those inventions a boost toward licensability.

STANFORD “FARM TEAMS”

The iFarm Team program improves

OTL’s chances of success with

selected difficult-to-license

inventions by applying some

novel and aggressive approaches

to technology licensing and

commercialization, including:

• Creating “Farm Teams” around

specific innovations;

• On-campus & -testing;

• Rapid prototyping of certain

inventions;

• Funding a proof of concept

experiment;

• Holding regular meetings (at

least twice monthly) with each

iFarm Team to review progress

and make adjustments;

• Recruiting outside iFarm Team

volunteers who are expert in

specific subjects.

The program is unique insofar as

it engages the broader Stanford

community through the creation

of teams; it is a readily scalable

and sustainable program; and it

is aimed at the physical sciences

inventions. Each project will take

about six months and the purpose

is to give students and members

of the community a chance to

experience the challenges inherent

in the further development and

commercialization of an invention.

iFarm Teams are expected to

self-extinguish or, if appropriate

perhaps, morph into the core of a

start-up venture team. iFarm Team

deliverables range from as little

as compiling a more complete file

of due diligence on a technology

licensing opportunity to finding a

strong licensee (and negotiating

a license), to starting a company

based on the technology.

With all this entrepreneurial

activity, it’s sometimes surprising

to realize that only about 8–10

licenses per year (approximately

10% of OTL’s licensing activity)

are made to start-ups. OTL realizes

that most Stanford technologies

are early stage and that significant

investment is essential in order to

bringing such technologies to the

marketplace. Start-up entrepreneurs

must have a passion that borders

on irrational optimism and faith

in the technology along with an

eagerness to commit their own

time and resources to develop

these inventions. OTL is willing to

work with new companies to craft

an agreement that can help them

succeed. We do not claim to know

which start-ups will be successful

–— that’s left to luck and hard

work — but we want to help these

new companies get a start.

Start-up entrepreneurs must have a passion that borders on irrational optimism.

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This illustration from the thesis of mechanical engineering graduate student Victor Scheinman, a pioneer in the field of robotics, shows the design of a computer controlled manipulator that became the model for later industrial robots.

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Stanford received $66.8M in

gross royalty revenue from 600

technologies, with royalties ranging

from $1.80 to $44M. Ninety-eight

percent of the income came from

licenses signed many years ago.

Thirty-two of the 600 inventions

generated $100,000 or more in

royalties. Six inventions generated

$1M or more. We have evaluated

504 new invention disclosures this

calendar year, and concluded 101

new licenses. Of the new licenses,

51 were nonexclusive, 28 were

exclusive, and 22 were option

agreements.

ROYALTY DISTRIbUTIONStanford’s royalty-sharing policy

provides for the distribution of

cash net royalties (gross royalties

less 15% for OTL’s administrative

expenses, minus direct expenses)

to inventors, their departments,

and their schools. In 2010-11,

inventors received personal income

of $17.2M, departments received

$16.1M, and schools received

$15M. The University assessed

an infrastructure charge on the

department and school shares of

royalty income.

THE YEAR IN REvIEw

51 NON-EXCLUSIVE 28 EXCLUSIVE 22 OPTION

AGREEMENTS

101 NEw lIcENSE aGREEmENTS

RoyalTy DISTRIbuTIoN

INVENTORS

DEPARTMENTS

SCHOOLS

UNIVERSITY GENERAL FUND

OTL RESEARCH INCENTIVE FUND

DEAN OF RESEARCH & VICE PROVOST FOR GRADUATE EDUCATION

$17.2m$16.1m

$15m$1m$1m

$1.9m

We contributed $1M to the

University General Fund and $1M

to the OTL Research Incentive

Fund, which is administered

by the dean of research for

the support of early-stage,

innovative research ideas, novel

interdisciplinary research, cost

sharing of shared instrumentation,

and other research facilitation

needs. In addition, we contributed

$1,889,759 to the dean of

research and vice provost for

graduate education. This amount

represents their portion of

liquidated equity. Stanford also

paid the University of California

and other organizations $655,208

for jointly-owned technologies

for which Stanford has licensing

responsibility.

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ExPENSESOTL spent $7.5M on patent and

other legal expenses, of which

$2.8M was reimbursed by

licensees. We have an inventory

of $18.1M, which represents

patent expenses for unlicensed

inventions. Our operating budget

for the year (excluding patent

expenses) was $5.4M.

We take a financial risk each

time we decide whether or not

to file for a patent. In this period

of tremendous change in the

intellectual property landscape as

court cases determine new patent

law, we will have to weigh the

likelihood of licensing a technology

versus the expense of patenting or

litigation.

EqUITY

As of August 31, 2011, Stanford

held equity in 109 companies as

a result of license agreements. The

market for initial public offerings

was slow this year and share

prices were down. For institutional

conflict-of-interest reasons and

insider trading concerns, the

Stanford Management Company

sells our public equities as soon

as Stanford is allowed to liquidate

rather than holding equity to

maximize return. This year, we

received equity from 8 start-up

companies. We also received

$2,398,738 in liquidated equity

from 5 other companies.

START-UPSWhile Stanford entrepreneurs

are still starting companies, the

uncertain economy clearly affects

the Silicon Valley entrepreneurial

ecosystem. Venture capital

investors are generally shying

away from early stage technology.

Yet we licensed these companies:

Biomimedica, C3Nano, KHYSS,

Lex Machina, Personalis,

Quanticell, Quantumscape,

VENETO Pharma.

NEw DISCLOSURES

In calendar year 2011, we

received over 504 new technology

disclosures. Approximately 40%

were in the life sciences and 60%

were in the physical sciences,

including computer science

technologies and medical devices.

STANFORD TRADEMARk ENFORCEMENT FUND

The chief financial officer and

general counsel of Stanford

recommended that Stanford

provide a permanent source of

funding for extraordinary cases

associated with the protection of

the Stanford name and associated

logos and trademarks. Based

on their recommendation, the

president and provost approved

the creation of the Stanford

Trademark Enforcement Fund

40% LIFESCIENCES 60% PHYSICAL

SCIENCES

504 NEw TEchNoloGy DIScloSuRES

(STEF). Funding for the STEF

comes from 1% of the department

and school shares of net revenue

OTL receives. In 2010-11, we

transferred $358,127 to STEF for

a total to date of $2,982,933.

bIRDSEED FUNDThe OTL Birdseed Fund,

administered by the dean of

research, has provided small

amounts of money (typically up

to $25,000) to fund prototype

development or modest reduction-

to-practice experiments for

unlicensed technologies. This

year, the Birdseed Fund funded

two new projects, for a total of 87

projects funded to date. The rate

of licensing of Birdseed-funded

inventions is about the same as

unfunded inventions (20-30%)

but without this funding, many of

these inventions would likely have

remained unlicensed.

MTA POLICYStanford and OTL have been at

the forefront of minimizing the

bureaucracy and time-delays

associated with Material Transfer

Agreements (MTA), which govern

the sharing of research materials

with other research colleagues.

In September, Stanford’s Vice

Provost and Dean of Research Ann

Arvin obtained agreement from

her colleagues that “collegiality,

science, and sharing should take

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precedence over commercial

considerations” among researchers

at academic and other non-

profit institutions. In July 2010,

Professor Arvin issued a formal

message to faculty to encourage

them to minimize the use of MTAs

whenever possible. We think this

is a significant initiative for the

research community and hope

that more universities adopt this

practice.

NATIONAL ACADEMY OF SCIENCES Katharine Ku of OTL served on

the National Academy of Sciences

Committee that issued a report

this year on “Managing University

Intellectual Property in the Public

Interest.” It affirmed that IP-based

technology transfer is squarely

within the research university’s

core missions of discovery,

learning and the promotion of

social well-being, and the current

system based on the Bayh-Dole

Act is better than the pre-existing

system. It also stressed that

“patenting and licensing practices

should not be predicated on

the goal of raising significant

revenue for the institution,” which

is consistent with Stanford’s

philosophy. The Committee also

endorsed both the “Nine Points

to Consider in Licensing” and

the MTA Policy as described

previously, both initiatives

spearheaded by Stanford.

UPDATE ON THE ROCHE CASEIn October 2005, Stanford initiated

a patent infringement lawsuit

against Roche based on an patent

issued to Stanford that enables

clinicians to evaluate the efficacy

of HIV retroviral therapy. Because

of a decision by the Court of

Appeals of the Federal Circuit, the

controlling legal issue became the

possible assignment of the patent

rights by a Stanford researcher.

Stanford, joined by the Federal

Government and many university

amici, and Roche argued their

points before the Supreme Court

in February 2011. The U.S.

Supreme Court issued a ruling in

June in favor of Roche based on

its interpretation of Federal law.

The ruling has had a far-reaching

impact on the ownership rights

to inventions that result from

research funded by the federal

government. http://news.stanford.

edu/news/2011/june/court-roche-

ruling-060711.html As a result,

many universities, including

Stanford, have changed their

patent agreements with faculty,

students and staff.

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684 INVENToR chEcKS

3278 acTIVE INVENTIoNS

by ThE NumbERS

$66.8M FROM 600 TECHNOLOGIES

GRoSS RoyalTy REVENuE

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curt Frank, the w. m. Keck, Sr., professor of chemical Engineering and director of the center for polymer Interfaces and macromolecular assemblies, helped develop a synthetic replacement for the intervertebral discs in the spinal column. The patented technology, illustrated above, has been licensed by Spinal Kenetics, founded in 2003.

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In 2010-11, the Industrial

Contracts Office finalized about

1100 research-related agreements

with for-profit and non-profit

entities. Of this total, about 120

were new industry-sponsored

research agreements. The School

of Medicine accounted for just

under half of these, with 54

sponsored research agreements,

and the School of Engineering

accounted for over one-third, with

43 new agreements.

As in other years, Material Transfer

Agreements (MTAs) accounted

for the largest share of ICO

agreements with about 650 new

MTAs for incoming materials

and 55 outgoing MTAs; another

40 were outgoing human tissue

transfers. About two-thirds of

the incoming MTAs were with

other nonprofit institutions and

the federal government, and the

rest were with companies. Most

of the MTAs (about 520) were

for researchers in the School of

Medicine. The number of MTAs

universities receive has proliferated

in recent years, posing a barrier

to scientific interactions. Since

mid-2010, Stanford and several

other universities and institutions

have promoted a “no MTA” policy,

under which universities and other

nonprofits may transfer laboratory,

non-human materials for research

purposes without using an

agreement. If an agreement is

necessary, they use one of two

well-known, standard MTAs

whenever possible. As of Fall

2011, 25 institutions supported

the policy and others were

expressing interest.

Other ICO agreements included

amendments to existing

agreements, collaborations,

equipment loans, NDAs, research

licenses and other research-related

agreements.

A wide variety of companies fund

research at Stanford. Below is

a sampling of agreements ICO

negotiated during the year:

varianProfessor James Ford of the

Oncology Department in the

School of Medicine is collaborating

with Varian Medical Systems in

pancreatic cancer research. Varian

Medical Systems also signed a

Master Research and Collaboration

Agreement to fund projects on

imaging, retrospective studies,

clinical evaluations, and trials

related to cancer research.

GoogleGoogle provided funding for several

projects in the Department of

Computer Science. Professor Marc

Levoy received funding for research

on new directions in burst-mode

photography. In this mode, several

images can be captured with one

press on the shutter. This is used

mainly in mixed-light conditions or

when the subject is in successive

motion. Professor Levoy is

researching two extensions of

burst-mode photography, which

could represent enormous

opportunities, especially in the

smartphone market. Google also

funded Professor Andrew Ng’s

research on the development of

parallel implementations of deep

learning algorithms.

Sanofi-aventisA Master Research Agreement

was signed with Sanofi-aventis to

establish collaboration on various

research projects to advance

knowledge in the area of human

health and to develop therapeutic,

diagnostic and prognostic

applications. Projects from a

number of different departments

and schools are expected to be

funded under the agreement.

PhilipsPhilips Medical Systems

funded research in the School

of Medicine. Professor Dimitre

Hristov in the Radiation Oncology

Department is developing and

evaluating a second-generation

INDUSTRIAL CONTRACTS OFFICE

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robotic manipulator enabling

remote control 4D US imaging for

real time guidance of radiotherapy

beam delivery to treat the prostate,

liver, pancreas and kidneys.

Professor of Pediatrics David

Stevenson also received funding

from Philips Electronics North

America Corporation to investigate

the action wavelength spectrum of

light to degrade bilirubin.

Givaudan Flavors CorporationGivaudan Flavors Corporation

funded Professor of Psychology

Sam McClure’s research on the

influence of odor on consumer

judgment and decision-making.

EniThe Italian energy company

Eni S.p.A. has sponsored five

research projects under a Master

Agreement. Two of these research

projects are in the School of Earth

Sciences under the direction

of Professors Stephan Graham

and Michael Moldowan. Both

projects deal with hydrocarbon

advanced characterization in

an effort to define its origin

and migration patterns. The

Agreement also includes three

environmental research projects

focused on 1) developing

new sensors for contaminants

monitoring, 2) microbiology for

bioremediation applications and

3) novel approaches to manage

sediments based on contaminants

bioavailability. Eni is also a

member of several University

Affiliate Programs - Smart Fields

Consortium (SFC); SUPRI-B; the

Stanford Earth Sciences Algorithms

and Architectures Initiative

(SESAAI), and the Stanford

Exploration Project.

Industrial Affiliates ProgramsDuring FY11, the University’s

56 Affiliate Programs generated

$25,765,743 in research funding,

representing a 21% increase

above the revenue total for the

previous fiscal year.

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